Frugal family shuns debt
and gains national fame

Mary Beth Faller
The Arizona Republic
Aug. 23, 2005 12:00 AM

Three times, the producers of Wife Swap have begged Annette Economides to be part of the TV show.

She politely declined the ABC reality show, which features mothers who switch households, trying to parent families that are very different from their own.

It's easy to see why they want the Economides family. They're different from many families in America because they live within their means.

They're frugal. They don't have credit cards. Their house is nearly paid off. They spend less than $350 a month to feed seven people.

And that's made them media stars. They've been on Good Morning America and the BBC, countless radio shows around the world and dozens of newspapers. They are writing a book.

Now, the family is featured in a six-page spread in the August/September issue of Budget Living magazine.

Dubbed "America's Cheapest Family," they are famous for doing something that pretty much everyone over the age of 70 grew up doing with no fanfare: living frugally. But in this age of unlimited credit, Steve and Annette Economides have made the choice to live debt-free.

For them, it's freeing, not freaky.

"Debt is so stressful. How can people live like that?" Annette says. "A lot of people say 'how deprived are you?' We don't feel deprived in the least." She and Steve have five kids: John, 22; Becky, 20; Roy, 15; Joe, 13, and Abbey, 11.

They live in a lovely house in Scottsdale that's nearly paid for, with an immaculately landscaped yard that's tended by everyone in the family. They renovate the house as needed (new hardwood floors are planned). They take family vacations and go out to dinner, both using coupon books. They have pets - a dog and several turtles, which they breed and sell. The kids play instruments and keep collections and have pizza parties.

Their lives are not furnished with castoffs.

"We're into buying quality things, but it means you have to be patient," Steve says. "We don't buy it until we can pay for it."

Eliminating impulsive or last-minute shopping is another way they save. They grocery shop once a month and plan outings so they can take food, not buy it there.

"We won't run out the door to the zoo so we can spend $60 on food there," Annette says. "I plan so there's time to pack lunches. We schedule a lot of fun stuff."

The Economides' financial philosophy is intricately tied to their family life: Everybody pitches in.

"We can accomplish so much more," Annette says. "Our kids know that we're a team and we work together to set goals."

Not teaching the kids how to clean the yard, fix the plumbing or paint a room "handcuffs them," Steve says. "How many parents are bailing their kids out after they leave the nest?"

The couple share their vision through the HomeEconomiser newsletter, which has about 1,000 subscribers who pay $12 a year.

"Finances are a stressful, painful thing for most people," says Annette. "We could become full-time counselors on this."

So they mostly stick to practical tips that anybody can incorporate into his or her life. "People say, 'What do you do about milk?' " Steve says. "Simple. We pour a little off the top and freeze it."

The couple are eager to share their message. "We want people to know there are options out there," says Steve. "There's always hope."

Besides the Economides family, the August/September issue of Budget Living features $22 face moisturizer, $168 jeans and a feature on throwing a lobster party. While they appreciate that the magazine is trying to show that frugal doesn't mean frumpy, Steve stopped short of embracing its message.

"As far as our definition of budget, it's not budget."

For more information on the Economides or their newsletter, visit their web site at www.homeeconomiser.com.

Reach the reporter at
marybeth.faller@arizonarepublic.com or

(602) 444-8167.

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